Mobile music and entertainment company mSpot announced this morning that it has surpassed the 6 million mark in total paid users - a 150% increase since July 2008. mSpot offers mobile access to music, custom ringtones, live radio, videos and movies. Juniper Research estimates that mobile application revenues will reach $25 billion by 2014.
mSPOT'S SUCCESS FORMULA: NO ADS + CONSTANT INNOVATION
Founded in 2004 and profitable since 2006, mSpot continues to grow despite the recession and a business model which currently does not rely on advertising. Rather, mSpot has built its reputation and customer base by innovation and offering mobile products like mSpot Radio, mSpot Movies, Music Sync and Make-UR-Tones. In fact, the company says they are on track to reach a new high in revenue and profitability on 2009.
Recent landmarks for the mobile company include:
- Mobile radio deals with AT&T, Verizon (Alltel) and Bell Mobility, adding to preexisting radio partnerships with Sprint Nextel, Telus and US Cellular
- Mobile Make-UR-Tones deals with Verizon and US Cellular, adding to preexisting Make-UR-Tones partnerships with AT&T and Sprint Nextel
- Over 1 million mobile app downloads for mSpot Make-UR-Tones™; 70% month-over-month growth in sales over the past year
- Launch of mSpot.com, the direct-to-consumer web application featuring custom ringtone editor with lyrics and bios
- 3.5 million users on the Movies on Demand service
“We are very proud of the achievements we’ve made executing a profitable business strategy with steady growth,” said mSpot CEO Daren Tsui. “Our product roadmap is filled with innovations for the next 12 months and we expect our growth to continue even as the economy remains weak.”